CLLA Update - Bankruptcy Filings Dropped 6 Percent in 2016

According to the 2016 Annual Report, bankruptcy petitions dropped 6 percent to 805,580 compared to 2015. This was the lowest total since 2007. Consumer or non-business petitions accounted approximately 97 percent of all petitions filed and fell 6 percent to 781,123; business petitions accounted for 3 percent of all petitions and fell 2 percent to 24,457.